Portland-based ImmuCell Corp. says it has caught up with a backlog of product orders after a weak first quarter, leading to a big sales boost in the second quarter.
ImmuCell, which develops, manufactures and markets products that improve the health and productivity of dairy and beef cattle, released preliminary sales results for its second quarter, which ended June 30.
“While it is not our standard practice to make projections or to release financial results before our quarterly reviews are complete, we are releasing these sales figures now to show our sales run-rate having shipped all of the $901,000 of orders … that were on backlog as of March 31,” ImmuCell President and CEO Michael Brigham said in a prepared statement. “While this backlog did result in an unfavorable first quarter, the resolution of the backlog contributed to a very strong second quarter.”
The preliminary sales report says ImmuCell sold over $3 million worth of its flagship product, First Defense, in the second quarter.
That figure represents a 72 percent increase over sales of about $1.8 million a year earlier.
The company’s total sales for the first six months of the year were $5.9 million, up 11 percent from $5.3 million during the first six months of 2017.
In May, ImmuCell reported that a production bottleneck had contributed to a disappointing first quarter, with the company unable to keep up with customer demand.
The company reported quarterly revenue of $2.9 million, down 19 percent from $3.5 million in the first quarter of 2017.
It reported a net loss for the first quarter of $221,000, or 4 cents per share, compared with a net income of $584,000, or 12 cents per share, a year earlier.
ImmuCell’s full financial report for the second quarter is scheduled for release Aug. 14.
J. Craig Anderson can be contacted at 791-6390 or at:
Twitter: @jcraiganderson
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.